I am not in my husband's loan

[mkmasg]

My husband's got our house before we even met. He was laid off and we have been struggling with the payments. We have started the application for Chase Loan modification, but I want to know if it is neccesary to include my income for this.
I'm paying all of the house expenses and my baby expenses right now and I will continue doing it, and I have 0 left every month.
He just got a job, but his income will be reduced by %25 and this is the reason he will apply for LM. the mortgage payment will be above %31

I don't want them to include my income for personal reasons, I don't want to have this in my credit, but we fill joined tax returns.

Will this affect the proccess? Will the bank question the joined tax return?

I appreciate any advise on this,, thank you

[Moe Bedard]

Hi mkmasg,


welcome to the forum and thank you for joining............

They may ask for it if the expenses are shared and the tax returns are joint.................but you would need to check with Chase on what they will require for a modification.............

here is the link to the info from Chase on the new program and a number to contact them to get started on the modification.......
https://www.chase.com/chf/mortgage/hasp

[mkmasg]

Thank you for the information. i'm about to fax the application right now. I will keep updating this post

[Deforest Cooper]

Hello mkmasg!
Any luck with Chase? I work for a The Law Offices of Fransen and Molinaro and in your situation, the lender just wants to know who is paying for the expenses and the home. They should have sent you a Budget Worksheet, or some sort of form that asks for your expenses. You want to make sure that those expenses are very true and paint a good picture to the lender that you are at zero if not negative at the end of the every month.
Your information should not affect your application for the modification nor should it affect the process. If you need help balancing the worksheet. Let me know and i will see what i can do for you.

[mkmasg]

Hi Defo rest
thank you so much for your valuable information.
I have a question when you say it should zero or negative, does it include the mortgage monthly payment my husband has now?.
For example.

net income is 3208.33

Expenses total (from the spreadsheet just my husband): 1681.50
current mortgage payment 2000.00

This means he has negative 473.17 right? Is this ok?


I don't understand if I should include the expenses I pay or not. For example we only report expenses my husband pays in out house.
I pay for insurance, car, credit card, childcare, etc. We didn;t report these, because he doesn't pay for that.

Is this correct?

thank you so much again

[Deforest Cooper]

Yes that is correct. But in the spreadsheet they are going to want to account for everything that gets paid out. Like if you show no car payment in the worksheet and they run a credit report they will see you have a car, then they will ask about the car payment and the car insurance, so you have to try to list everything. Is he collecting unemployment? And also you cannot have too much negative or they will say... "you do not qualify" and will recommend you short sale the home. You generally want to show that you break even. Or that you are negative $300.00 or so? What are the rates on the first and second?

[mkmasg]

he only has one loan %5.625 only interest, it is supposed to be adjusted next year.
Yes is he receiving unemployment.

The cars, insurance, and everything else is in my name, so he won't report it.

Thank you

[Deforest Cooper]

OK.. so yeah. I would try to stay within $200.00 dollars negative.

[mkmasg]

thank you...

I don't want to take more of your time, i bet you have more stuff to do, but i have one more question

if the payment is 2000, what is the maximum that could be reduced? I mean, it will tied the 31% rule?

Thank you

[Deforest Cooper]

It depends on who the lender is? Who is the lender? Is 2,000 with out taxes and insurance?

[mkmasg]

Chase, yes it includes taxes and insurance

[lqb75lo]

Thanks mkmasg for bring out this topic. i have the exact same situation with you and also many thanks to deforest and *** to answer questions.
just quick questions. i am currently on the unemployment, so is it consider the job loss or income reduced? I am with chase, and FannieMae. My husband is not in the loan. we file tax together.

[Moe Bedard]

Unemployment benefits would still be considered income according to the new program.............but you would need to ask Chase if you are to include the income of the household as a whole...........

The borrower’s Monthly Gross Income:

is the amount before any payroll deductions includes wages and salaries, overtime pay, commissions, fees, tips, bonuses, housing allowances, other compensation for personal services, Social Security payment, including Social Security received by adults on behalf of minors or by minors intended for their own support, annuities, insurance polices, retirement funds, pensions, disability or death benefits, unemployment benefits, rental income and other income.